Co-op Village

can you tell me where co-op village is located downtown. I've never heard of it.

It's an apartment complex at FDR Drive & Grand Street, south of the entrance to the Williamsburg Bridge. The community has a website at http://www.coopvillage.coop/index.html

Flip tax!

Julia, I think you know the area. These are the four co-op complexes around Grand St. from Essex to the East River: Seward Park, Hillman Houses, Amalgamated and East River Houses.

bea4, there are literally dozens of buildings so the pros and cons vary depending on how far east you go. The westernmost buildings of Seward Park at 383, 385 and 387 Grand have done very well during the runup. They are the most integrated with the ‘hipper’ parts of the LES and since they are high rises but aren't surrounded by other high rises, they have some great views. There does seem to be a lot of overly ambitious pricing over there, and I've noticed many ridiculous asking prices getting chopped down significantly as the units sit on the market. The buildings a little east on East Broadway have done pretty well but not as well as those westernmost buildings. You can still get a 1br there for under, possibly a good deal under $500k, though a balcony and reno will put it above that mark.

Seward Park is the only complex within COV that has reasonable subway access. There's an F train at East Broadway. Further down Grand it's a slog to the train, and many people rely on busses, which - if you've never taken one – are a sloooow way to get around the city. Seward Park also has the namesake park and a strange dog policy. It's officially no-dogs allowed, but many people (including board members, supposedly) have them. I've considered it, but as a dog owner, it would be a disaster to be someone they decided to enforce the rules on. I've been told that Seward Park owns much of the retail property in the area, and that that's how they keep the maintenance so low. Then again, the maintenance is super-low all over COV, so there must be more to it. Probably a good idea to check out that flip tax.

Going further east on Grand, COV kind of becomes it's own little world. There's almost no retail, just building after building, so as other neighborhoods evolve, this will essentially stay the same forever. Yes, PetrFitz will show up here at some point raving about FAR, but the main area of Grand St. will never change. No developing retail or residential, it's the way it will always be. It gets pretty bleak over there to me, but that’s certainly just my opinion. I do like East River Park, though some of it can be a bit seedy to some, and the views across the water will be slowly changing from the old industrial waterfront to the new condos of Williamsburg. The demographic further east is predominantly Jewish, which I only mention because I have friends in a Hillman building, and I've been told by a mutual friend who visited that the elevators are programmed part of the week (what is it, late Friday through Saturday?) to stop at every floor, which would drive me nuts. I think the no-pets policy is more firmly enforced at the complexes further east; there was a big push against dogs at the East River Houses last year.

As for value, it seems things are pretty soft at the COV complexes further east. I expect them to suffer quite a bit during the downturn, as their distance from the subway (and most anything else) pretty much renders them 'marginal.' Seward Park, particularly the westernmost buildings, seems to be pulled by two opposing forces, the downturn in the market in general, and the increasing desirability of the Lower East Side. Don't get me wrong, I think someone who bought on the LES in 06 or 07 and needs to sell in 09 or 10 will likely be in big trouble, but if you bought in Seward Park in 06 you paid $600/sf or less while the desirability of your particular buildings increased, so you'll be in better shape. $600/sf, little more/little less (the differences of course are the balconies and condition - there are a number of estate sales throughout at all times) is pretty much a given in the other complexes, and there is always plenty of inventory. One of Elliman broker Karen Skurka’s listings stands out in my mind: a “needs work” 1000 sf 2br in East River at $575k that’s been on the market well over a year. They do all have attended lobbies (though I don't think I've ever been asked to sign in when visiting friends in Seward Park - 1 attendant for all those units can't really keep up with traffic). There are also gyms in the buildings for nominal fees. The common areas are about as attractive as the exteriors - that is, not, but I suppose that's the price one pays for super-low maintenance. I'm not sure of the complex(es), but some of COV (not Seward Park) includes electricity in the maintenance.

LOHO realty is (almost?) entirely built around COV properties, though if you look for a recent thread here you’ll read some negative things about them. A NYT search of the LES will always bring up many COV properties, but definitely compare the comps here to see how crazy some of the asking prices are, particularly in Seward Park. I also wouldn’t overlook Craigslist for COV. Some of the cheaper (I’m guessing old condition) stuff gets listed there. A broker named Ezra Turkel comes to mind.

tenemental..thank you I never heard it called co-op city but I do know of amalgamated, seward, etc.

wow tenemental. Thanks so much for all the information you provided. I am very appreciative.

julia and bea4, you're welcome. I just remembered, there was a Hunt column in the Times recently where someone picked up a Seward Park 1br WITH BALCONY for $450k, so I may have overestimated some of the pricing over there. The article was linked at curbed.com and shouldn't be too hard to find.

I lived in co-op village for 13 years. I lived in Seward and it is the best building because it is the closest to the subway. East River is in a 2 fare zone and you have to ride the M15 bus to get to the train. Then there are 2 lower end buildings, Hillman and Amangamated (spelling?). Thse 2 buildings you do NOT want. They are old and not built as well as Seward and East River. One MAJOR drawback of the LES is that you are surrounded by projects and tenements, so it is not the safest neighborhood. So don't be alarmed when you are out walking one day and you see 10 cop cars in front of one of the neighborhood projects.

And as far as prices, they can vary grealty based on the view and the amount of renovaions that were done. If you want the best deal, buy a fixer upper below the 8th floor.

julia,

Co-op village is on the LES. Co-op city is in the Bronx. They are 2 entirely different complexes.

> East River is in a 2 fare zone

Uh, didn't 2 fare zones end like 2 years ago?

I don't think co-op village is for me but the information was terrific.

Coop Village is overrun by folks who are WAY over there heads. The place went private about 10 years ago, was sued multiple times for underhanded deals involving LOHO (the guy who started it was on the board of CO op Village). They are still trying to clean up their collective acts. As to the units, many look like jail cells, low ceilings, has the feel of projects and many units are blocks and blocks away from civilization. Parking is non-existent unless you pay off the kabal who runs the joint. The parking waiting list is like 8 years long. Queens, IMHO, is a MUCH better option if you are looking at Co op Village.

The ceilings at co-op cillage are the standard 8 feet. They are not high, but they are built to code. Unless your Yao Ming or some other HUGE NBA player, 8 feet is enough clearance. A

nd as far as parking, while it is bad now, it was a thousand times worse back when the indoor garage collapsed and crushed most of the cars in the garage. When they pulled my uncle's car out, it was flat as a pancake and the only way he was able to recognize it was through the license plate number.

The ceilings at co-op cillage are the standard 8 feet. They are not high, but they are built to code. Unless your Yao Ming or some other HUGE NBA player, 8 feet is enough clearance.

And as far as parking, while it is bad now, it was a thousand times worse back when the indoor garage collapsed and crushed most of the cars in the garage. When they pulled my uncle's car out, it was flat as a pancake and the only way he was able to recognize it was through the license plate number.

8 feet is standard in prisons too.

Just got an email notice for a price drop on the unit I mentioned above. 1000sf 2br is now asking $560k, and it has a balcony.

http://www.streeteasy.com/nyc/sale/71935-coop-477-fdr-dr-lower-east-side-new-york?email=true

The view says it all. You get traffic noise as well as train noise from the bridge and you're on a low floor. There are other apt at East River with much better views.